Organize Unclutter 2008: Records Retention

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** Consult your accountant and attorney before getting rid of any financial or legal paperwork! **

These general guidelines are for PERSONAL RECORDS:

Car records (keep until the car is sold)
Credit card receipts (keep until verified on your statement)
Insurance policies (keep for the life of the policy)
Pay stubs (keep until reconciled with your W-2)
Sales receipts (keep for life of the warranty)
Warranties and instructions (keep for the life of the product)
Other bills (keep until payment is verified on the next bill)

Keep these papers for 3 Months:
(Allows you to establish residency for purposes of drivers licenses, voter registration, mortgage application, etc.)

Utilities
Bank statements
Credit card statements

Keep these papers for 3 years:

Medical bills (in case of insurance disputes)
Expired insurance policies
Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)

Keep these papers for 6 years:

Supporting documents for tax returns
Accident reports and claims
Medical bills (if tax-related)
Property records and improvement receipts (if tax-related)
Sales receipts (if tax-related)
Utility records (if tax-related)
Other bills (if tax-related)
Wage Garnishments
Property records / improvement receipts (keep 6 years beyond dale of property)
Stock and bond records (keep for 6 years beyond selling)

Keep these papers for 7 years:

Mortgages,deeds, and leases (keep 7 years beyond the agreement)
Home Repair Bills & Contracts

Keep these papers forever:

Income tax returns
Income tax payment receipts/checks
Investment trade confirmations
Important correspondence
Legal records
Retirement and pension records
CPA audit reports
Personal Health Records

When in doubt, go with the ten year rule of thumb.

Sources:
LifeOrganizers.com
OnlineOrganizing.com
Williams & Keckler, LLC